China pilots national blockchain development initiative

Central Bank of China
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The Cyberspace Administration of China (CAC) has launched a national initiative to encourage blockchain development and innovation across a number of regions and industries, according to Cointelegraph.

In a notice, the CAC and other government agencies called for the regulatory authorities to “promote the intensive and balanced layout of blockchain technology infrastructure in the region, form a large-scale production-level cross-chain data exchange support capability, and promote the formation of a multi-party collaborative blockchain industry ecology.”

The initiative aims for the large-scale implementation of blockchain technology across businesses and government organisations throughout China.

A predetermined list of cities and companies that will be involved in the blockchain pilots was attached to the notice.

The pilot projects will be launched across a range of industries, including: manufacturing, energy, government data sharing and services, law enforcement, taxation, criminal trials, inspection, copyright, civil affairs, human society, education, healthcare, trade finance, risk control management, equity market and cross-border finance.

The notice emphasised the need for regulatory authorities to “give full play to the role of blockchain in promoting data sharing, optimizing business processes, reducing operating costs, improving collaborative efficiency, and building a trusted system.”

Whilst China maintains a strong stance against cryptocurrency, Beijing is enthusiastic about the digital infrastructure benefits blockchain technology can provide.

The CCP has even shown interest in non-crypto NFTs, with a government-backed project reportedly developing the infrastructure to support building NFT-focused platforms and apps that would use fiat currency.

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